All posts tagged Brisconnections

The lenders who own Australia’s troubled RiverCity Motorway are considering a sale of the asset this year in a deal that could be around 500 Australian dollars (US$525.9 million), people familiar with the matter told Deal Journal Australia.

RiverCity, the company which built the Clem Jones Tunnel under the Brisbane River in Brisbane, listed on the Australian Securities Exchange in 2006 in a deal that was worth nearly A$700 million at the time. But the company incurred significant debt building the project and when the toll road failed generate enough traffic, the company ran into trouble with its lenders. RiverCity appointed voluntary administrators a little over a year ago, owing A$1.3 billion to its banking syndicate.

About Deal Journal Australia

Deal Journal Australia is an up-to-the-minute take on the deals and deal makers that shape the Australian landscape, including mergers and acquisitions, capital raisings, private equity and debt markets. In short, wherever money changes hands. Deal Journal Australia is updated throughout each trading day with exclusive commentary, analysis, data, news flashes and profiles. The Wall Street Journal’s Gillian Tan is the lead writer, with contributions from other Journal and Dow Jones reporters and editors. Send news items, comments and questions to gillian.tan@wsj.com.

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